Eurozone Economic Sentiment Lowest Since Nov. 2016

Eurozone's economic sentiment weakened for a seventh month in a row and at a more-than-expected pace in January to its lowest level in over two years, survey data from the European Commission showed on Wednesday.

The economic sentiment indicator fell to 106.2 from December's 107.4. Economists had expected a score of 106.8. The latest reading was the lowest since November 2016, when the score was 105.6.

The industrial confidence index eased sharply to 0.5 from 2.3 in December. The latest reading, also the lowest since November 2016, was in line with economists' expectations.

The services confidence index fell to 11 from 12.2 in December. The reading was the weakest since September 2016. Economists had predicted a score of 11.4.

The consumer confidence index remained in the negative territory, though it improved to -7.9 from -8.3, in line with the flash estimations.

Morale deteriorated sharply in the retail trade sector, while sentiment improved strongly in the construction industry.

Separately, the European Commission reported that the business climate index for the euro area tumbled to a two-year low of 0.69 in January from 0.86 in December. Economists had expected a reading of 0.77.

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